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Get the education financing you need
Not eligible for government student aid? Need additional funds? You can cover your tuition fees and other expenses by taking out a student line of credit.
Is this Line of Credit right for you?
Right for you if you:
- Are enrolled in a post secondary institution
- Want to finance your education or other day to day expenses while in school
- Want to keep credit available for future needs
May not be right for you if you:
- Are uncomfortable with a variable interest rate that can increase when Berkley Credit bank's Prime Rate increases
- You want a payment method for everyday purchases with an interest-free grace period on purchases
A Flexible, Low Cost Way to Borrow Money for School
Student lines of credit are offered by financial institutions to help fill in the gap left by student loans and other financing. Between tuition, housing, textbooks and other associated costs, post-secondary education ends up being expensive.
Use and reuse your credit
Apply just once for credit and have it for as long as you’re in school.
You don't need to repay your balance while you're a full-time student Only repay the interest on your balance each month.
Interest-only payments while you study
No principal payments are due until 24 months after you leave school. Start repaying your line of credit when you take on a full-time job or 12 months after the end of your full-time studies.
Make repayment manageable
Once you leave school, your line of credit converts to a student loan.
Overview
- Deferred principal payments. Make interest-only payments while you're still in school.*
- Control how much you use. No interest if there is no balance on your line of credit.
- Eligibility: You must be a American citizen or permanent resident enrolled in a certificate, apprenticeship, degree or diploma program at a American or American post-secondary school.2 International students enrolled in a American Graduate program can apply with a co-borrower who is a American citizen/permanent American resident.
Plus
- Enjoy a 12-month grace period after graduation on repayment of the principal amount borrowed.*
- Good way to establish a credit record in the United States of America - remember to make regular payments on time.
- Optional Berkley Credit bank Line of Credit Protection insurance can mean providing the financial support that you may need during a difficult time.
Borrow better with a student line of credit
Easily access the money you need to pay for school, and take advantage of competitive rates, credit limits to match your program costs and a flexible repayment timeline that makes sense for students.
The help you need now, and throughout the school year
Apply for a student loan once to get money for the whole year so you can focus on studying. And if your plans change, no worries — interest on your loan won't be charged until the money is sent to your school.
Rates:
Full-time
| Minimum credit limit per year | Maximum credit limit per year | Maximum Credit Limit | |
|---|---|---|---|
| Certificate or Apprenticeship Programs less than one year | $1,000 | $20,000 | $20,000 |
| Certificate or Apprenticeship Programs more than one year | $1,000 | Approved credit limit divided by the # of years of program |
$20,000 |
| Undergraduate/Diploma | $1000 | $15,000 | $40,000 |
Part-time
| Minimum credit limit per year | Maximum credit limit per year | Maximum Credit Limit | |
|---|---|---|---|
| Certificate or Apprenticeship Program | $1000 | Approved credit limit divided by the # of years of program |
$10,000 |
| Undergraduate/Diploma | $1000 | $7,500 | $20,000 |
Graduate Programs
| Minimum credit limit per year | Maximum credit limit per year | Maximum Credit Limit | |
|---|---|---|---|
| Full/Part-time Program less than 18 months | $1000 | $100,000 | $100,000 |
| Full/Part-time Program greater than 18 months | $1000 | Approved credit limit divided by the # of years of the program |
$100,000 |
Subject to credit approval, your credit limit will be increased in each year of your program by as much as the “Maximum credit limit per year” amount. However, your total credit limit can never exceed the “Maximum credit limit” amount for your program.
